Patrick Industries, Inc. (NASDAQ:PATK) Position Reduced by Jefferies Financial Group Inc.

Key Points

• Jefferies Financial Group Inc. significantly reduced its stake in Patrick Industries by 89.4%, selling 77,800 shares and now holding only 9,200 shares valued at $778,000.
• Multiple institutional investors have increased their positions in Patrick Industries, with Dimensional Fund Advisors growing its holdings by 48.5% in the last quarter.
• Patrick Industries announced a quarterly dividend of $0.40 per share, reflecting an annualized payout of $1.60 and yielding 1.6%.

Jefferies Financial Group Inc. decreased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 89.4% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,200 shares of the construction company's stock after selling 77,800 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Patrick Industries were worth $778,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Alberta Investment Management Corp bought a new stake in shares of Patrick Industries in the 1st quarter worth about $1,365,000. Natixis Advisors LLC grew its stake in Patrick Industries by 9.2% in the 1st quarter. Natixis Advisors LLC now owns 36,022 shares of the construction company's stock worth $3,046,000 after acquiring an additional 3,025 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Patrick Industries during the first quarter valued at approximately $650,000. Bryce Point Capital LLC bought a new position in shares of Patrick Industries during the first quarter valued at approximately $872,000. Finally, LPL Financial LLC boosted its stake in shares of Patrick Industries by 23.2% during the first quarter. LPL Financial LLC now owns 19,640 shares of the construction company's stock valued at $1,661,000 after purchasing an additional 3,698 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

PATK has been the subject of several research reports. Benchmark lifted their price objective on shares of Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. KeyCorp lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Roth Mkm reissued a "buy" rating and set a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Raymond James Financial upped their price objective on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Patrick Industries presently has a consensus rating of "Moderate Buy" and an average price target of $104.86.

Patrick Industries Price Performance

Shares of NASDAQ PATK traded down $0.76 during midday trading on Friday, hitting $100.37. The company had a trading volume of 257,636 shares, compared to its average volume of 356,890. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $103.99. The business has a 50-day simple moving average of $94.87 and a two-hundred day simple moving average of $89.64. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 27.20, a price-to-earnings-growth ratio of 1.45 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the firm posted $2.16 EPS. Equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's payout ratio is 43.36%.

Insider Buying and Selling

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director directly owned 52,591 shares of the company's stock, valued at $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Todd M. Cleveland bought 6,000 shares of Patrick Industries stock in a transaction dated Thursday, May 15th. The shares were purchased at an average cost of $85.80 per share, for a total transaction of $514,800.00. Following the completion of the transaction, the director owned 125,286 shares of the company's stock, valued at approximately $10,749,538.80. This represents a 5.03% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 14,071 shares of company stock worth $1,205,964. 4.40% of the stock is currently owned by corporate insiders.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.